Crude palm oil futures remain weak, shed 0.40 pc on low demand

Crude palm oil prices fell further by 0.40 per cent to Rs 493.60 per 10 kg in futures trade today as participants engaged in reducing positions, taking negative cues from spot market on easing demand.
Besides, ample stock position on increased supplies from the producing belts weighed on prices.
At the Multi Commodity Exchange, crude palm oil for delivery in September fell by Rs 2, or 0.40 per cent, to Rs 493.60 per 10 kg in a business turnover of 95 lots.
Likewise, the oil for delivery in August shed Rs 1.50, or 0.30 per cent, to Rs 493.40 per 10 kg in 295 lots.

Analysts said cutting down of positions by traders owing to slackened demand in the spot market against sufficient stocks position, kept crude palm oil prices down at futures trade.